An Income-Driven Repayment Plan, or IDR, is an umbrella term for four different repayment plans available through the Department of Education.
The four different repayment plans that fall under the IDR umbrella are as follows:
- Pay As You Earn (PAYE)
- Revised Pay As You Earn (REPAYE)
- Income-Based Repayment (IBR)
- Income-Contingent Repayment (ICR)
Each repayment plan option under the IDR umbrella are available to federal student loan borrowers who may show financial stress in comparison to their loan debt. Each IDR is evaluated using your income, household size, the state you live in, and the type of loans you have.
For more in-depth details on each plan, View This Article.
These are also the only repayment plans eligible for the Public Service Loan Forgiveness (PSLF) opportunity. If you are planning to apply for PSLF, you must be on an IDR first. The Savi tool identifies all of the best loan repayment programs available to you and provides you with the information you need in order to make an informed decision.